I also picked up "RE Licence exams for dummies"... figured it would have some good stuff in it as well.I read rich dad poor dad today out of curiosity and wasn't terribly impressed.

So is it really such a bad thing to hold this fictitious property given that the vacancy rates are low, and given that tenants are of decent quality?

General contractor (GC) - is the only one that can enter into a contract with client. his licence supersedes all others.

Do you have the licence number of the architect?

Hi Brandian, The way i see it the largest piece of the value chain in flipping homes is in being able to accurately estimate how much it will cost to fix a house and how much it is worth after it has been fixed (not leave money on the table).There are a lot of good RE agents out there that you can partner with, not sure how you see an RE licence being helpful if your intent is to be the person who is actually buying / fixing and selling these houses.  

Given your question was in the context of studying for your real estate licence, that would be the appropriate response.Colloquially, secured loans are seldom referred to as promissory notes (at least here) - the pledge of security being given more weight than the promise.

I think you will need a brokers licence to be legal and likely a NMLS cert.

Are their any local legal licencing to lend hard money?

In almost all cases, these turn out to be fictitious/fraudulent/made-up names or just scammers with every intention of separating you from your money without doing a loan.

I want to use the profit to start a real estate investment Business. i have registered my LLC acquired the EIN and state licences. how do i transfer the profit to the LLC without paying taxes on the profit from the sale?